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Protecting financial services sector from security threats gets boost from public-private partnership

THE Cyber Security Agency of Singapore (CSA) and the Financial Services Information Sharing and Analysis Center (FS-ISAC) on Wednesday signed a memorandum of understanding (MOU) aimed at advancing security threat intelligence sharing and conducting joint exercises to protect the financial services sector.

The MOU, valid for three years, was signed at FS-ISAC’s annual Asia Pacific Summit in Singapore where security leaders from across the financial services sector gathered to solve cyber and physical security threats facing Singapore and the region.

With the pact, CSA’s overview of multiple sectors will provide FS-ISAC with greater visibility of cyberthreats impacting the country while FS-ISAC will offer a global perspective based on select insights from its 7,000 members, the two groups said in a joint statement.

The CSA is a government agency that oversees national cybersecurity functions, while FS-ISAC is a non-profit member-driven organisation that aims to assure the resilience and continuity of the global financial services infrastructure against cyber and physical threats.

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CSA chief executive David Koh said: “Cybersecurity is a global, cross-cutting issue. To deal with it successfully will require cooperation and intelligence sharing. This is especially so because the threat actors are actively sharing information and methods. FS-ISAC has made much progress in this area. We look forward to our partnership to address pressing cybersecurity issues together, and to further expand intelligence sharing.”

Meanwhile, FS-ISAC president and chief executive officer Bill Nelson said: “Cybersecurity is a global concern. One of the best ways to defend the financial services sector against cyberattacks is through information sharing and readiness exercises. Cybercriminals are collaborating to break down defences which is why it’s now more important than ever for us to work together on the global, regional and country levels both in terms of information sharing and conducting joint exercises to stay ahead of cybercrime. Our collaboration with CSA will help us move closer toward this goal.”